Ann: Nova Hits 78m @ 16.0 g/t Gold Within 258m @ 5.1g/t at RPM, page-108

For Victoria Gold's 2016 Feasibility Study only 67% of the Resource was included in the Reserve.

NVA's planned Feasibility Study will be NVA's first cut Feasibility Study.

Victoria Gold in 2016 had 3.96 Moz M&I in the resource.
Victoria Gold in 2016 had 2.663 Moz M&I in the reserve.
So 67% of the resource converted to reserve.

Their recovery was 72.9% for Heap Leach. Ounces produced and in the mine plan worked out at 1.884 Moz (70.7% of the Reserve), whereas 72.9% recovery would imply 1.941 Moz contained gold in the mine plan. The difference is probably mining dilution.

I think for Estelle we need to assume perhaps no more than 67% converted to reserve (conservatively 60%).

From the recent announcement overall recovery from RPM will be around 88.9%.
The Scoping Study Phase 1 had 88.6% recovery for the Korbel deposit.


I would then shave the result by at least 5% for dilution.

So calculation becomes:

LOM ounces produced = Ounces in Resource x 60% (assumed Resource to Reserve) x 88% (assumed Recovery ) x 95% (assumed mining Dilution)

Note - Victoria Gold's 2016 Feasibility Study is no longer on their website. I have a copy but it is 35MB so can't upload it here.